Millennial Media Raises Expected IPO Price to $13 per Share
Millennial Media, the last independent mobile advertising and data company that filed its S-1 documents for Initial Public Offering (IPO) earlier in January, has increased price range per share for its upcoming IPO to $11 to $13 per share. Originally, Millennial Media set the price range at $9 to $11 per share. Accordingly, Millennial Media will raise a total of $152.5 million from this IPO compared to the earlier amount of $129 million.
So far, the company has been doing great and currently serves ads to 200 million unique users worldwide. Since 2009, we have seen its revenue only continue to swell, from $16.2 million in 2009 to $47.8 million in 2010, and $103.7 million in 2011.
Millennial Media is already backed by Bessemer Venture Partners and Columbia Capital, and this IPO will help it generate enough funding for its expansion goals. It has planned to list itself at New York Stock Exchange with the symbol ‘MM’. If this IPO proves successful for the company, it will utilize the money for product development and expand its international operations.
Millennial’s developed quite a platform around its tools and services, building around metrics, distribution and cross-platform accessibility. The ubiquity has paid off, as the mobile ad network sees success beyond an acquisition from one of the larger mobile brands, like RIM.
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